A single-family home on Moorpark Street is about to become something Studio City has not seen much of. A fully affordable apartment building.
Parkview Financial closed a $10.6 million loan for a 51-unit fully affordable apartment building at 12750 Moorpark Street in Studio City. The project replaces a single-family home and is approved under Executive Directive 1, skipping public hearings.
A single-family home on Moorpark Street is about to become something Studio City has not seen much of. A fully affordable apartment building.
MDNI Group is planning to build 51 units of workforce housing at 12750 Moorpark Street, according to a report from L.A. Business First and a press release from the project's lender. Parkview Financial closed on a $10.6 million construction loan for the development on May 26, the firm announced.
The five-story building will replace the existing single-family home with a mix of studio, one-bedroom, and three-bedroom apartments. All 51 units will be affordable. Fifty of them are restricted to low-income and working-class residents. The remaining unit is expected to serve as a manager's unit.
Studio City sits near Ventura Boulevard and the Shops at Sportsmen's Lodge, close to major retail, dining, and entertainment employment hubs. Market-rate rents in the area are high and vacancy is low. That makes a fully affordable development unusual.
"Fully affordable developments in the area have historically been difficult to finance relative to market-rate projects, making 12750 Moorpark a rare addition to the neighborhood's housing stock," Parkview Financial said in its press release.
The project received approval under Executive Directive 1, a Los Angeles housing policy designed to expedite fully affordable housing projects. Under ED1, the development bypassed public hearings and the traditional entitlement timeline.
Construction is expected to finish in March 2028, according to Parkview Financial.
"Parkview is proud to support local communities through the development of affordable housing in supply-constrained submarkets like Studio City," said Paul Rahimian, CEO and founder of Parkview Financial. "We are seeing a growing opportunity in affordable housing, particularly in areas like Los Angeles, where a supportive policy environment and strong underlying demand are helping create a more scalable and attractive investment landscape."
The Moorpark Street project is not the only affordable housing in the works for Studio City. Developer Thomas Beadel, founder of HVN Development, is pursuing a separate fully affordable project down the street.
Beadel is planning a five-story, 102-unit development at 12432-12446 Moorpark Street, all designated for low-income and moderate-income households, according to a previous report from The Real Deal.
Beadel told Urbanize LA that he launched HVN Development after stepping down as CEO of Thomas James Homes in 2023. He said his focus is on building income-restricted housing in high-resource neighborhoods where demand is strong but affordable options are scarce.
"I wanted to take what I had learned at Thomas James about the City of Los Angeles — the by-right nature of development — and apply it to multifamily housing," Beadel said. "How do we get access to the great neighborhoods, but serve a completely different segment of the market?"
The City of Los Angeles must plan for 456,643 new housing units by 2029 as part of its state-mandated housing goals. Affordable housing must make up 40 percent of that total, or 182,657 units.
A recent RentCafe report found that Los Angeles is among the top 10 cities in the country building affordable housing, with nearly a quarter of new inventory being income-restricted units.
For Studio City residents watching Moorpark Street, the question is no longer whether affordable housing will come. It is a matter of when two buildings will rise on the same block and change what the neighborhood looks like.
This article was generated with AI assistance.